STEP BY STEP TO PICK UP BEST FOREX BROKERS 2018

STEP BY STEP TO PICK UP BEST FOREX BROKERS 2018

Lots of research need to do before the decision of which broker one trades with. People usually start with regulation, trading condition, then the support. However, it’s hard for new traders to remember all the information when starting their job in practice. For that reason, this article is to summarize the basic steps to choose quality brokers with examples combine with the on-the-job order to help novice traders catch things up better.

Regulations

Regulations are to verify brokers’ reliability and trading conditions by financial associations. Read them before your registration. More regulations mean more passports brokers have but tighter the conditions. For example, the US, UK, and Japanese brokers comply with their countries’ licenses as well as many others, hence the low leverage so the less competitive. One license from trusted firms is adequate, such as ASIC, FCA, CySEC, or NFA. For the best forex brokers in Asia, local regulations are better options.

Different Account Types

After registration and email verification, traders move to choose accounts. There are different trading strategies in forex trading among rookies and veteran, so various options are the better. Quality brokers commonly offer the following choices: Cent for novices, Classic for the experienced, and ECN for experts. Then traders can immediately check the minimum deposit requirement. The higher the minimum, the more discourage to traders. Light knobs should be easier to open the small gate, for example:

  • Exness minimum deposit – no requirement
  • FBS – at least 1 dollar as the downpayment
  • HotForex – requires 5 dollars minimum deposit

Then the trading condition

Transaction Cost

Start trading then you can win or lose. In either case, you need to pay brokers a little fee called spread and commission, and the small fee is clearly better for traders. Some set high spread and low commission, others with the low and high. As EUR/USD is the most trading-popular currency pair, its spread is commonly brought to compare against brokers:

  • Exness, Hotforex – 1.1 pips
  • XM and FXTM – 1.7 pips

Note: Exness is one of the best ECN brokers 2018 with the free commission trading conditions besides the lowest spread on most of its accounts. Only Exness ECN option has commision fee but zero Spread.

High Leverage

How to push one’s trading further with a limited budget? If lose, one wants to win back; and if win, one dies to win more. It’s not a bad though only if with strict discipline and self-control. From brokes’ side, high leverage responds to the demand of earning big, even with a little fund. The international brokers offer the most competitive condition on the term:

  • Exness – 1:unlimited (For Cent, Mini, Classic MT4 accounts)
  • FBS, HotForex – 1:1000 (For all accounts)
  • XM – 1:888 (All accounts)

Support Team

New traders cannot detect problems before getting trouble with it, and they until then try to find the emergency support from brokers. Traders can visit directly brokers’ local office, the location can be found on the internet. International brokers have local staff members active on weekdays, and online support with numerous languages 24/7. Message them then you could at least calm your panic.

You also want to find in which way you could find your profit safe and take them out. Now you’d better check the local payment system – local banks collaborating with brokers or digital wallets which helps you purchase and save money online. Exness, XM, and FBS are all qualified all condition that mentioned.

Conclusion

Attractive welcome forex bonuses and sounds promotions are the superficial benefits, traders should highly focus on the core. Biggest brokers never stop improving to serve clients. Enhance trading conditions, create more options, strengthen the support which is more practical for traders’ long-term profit. Stick with them on the train to success. See you next time!

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